Bitcoin price hovers around $95,000 while investors await important economic data from the U.S. and progress in President Trump's tariff negotiations. Is the crypto market ready for a new surge? Let's analyze in detail.
Bitcoin Trades Steadily, Altcoins Slightly Down
According to CoinGecko, Bitcoin traded around $94,800 on Monday, up slightly 0.4% in the past 24 hours, after hovering around $95,000 throughout the day. Major altcoins slightly declined: Ethereum fell 0.5% to $1,800, Solana dropped 1% to $149. The crypto market is awaiting signals from U.S. economic data and progress in trade negotiations, which could affect inflation and economic growth.
Trade Negotiations: Focus of Attention
U.S. Treasury Secretary Scott Bessent said on Fox News that the Trump administration is negotiating 'individual' agreements with 18 key trade partners. However, he emphasized that the next steps depend on China: 'We'll see how China acts. I think the current situation is unsustainable for them; they may reach out to me one day.' Last week, Trump mentioned he had spoken multiple times with Chinese President Xi Jinping after announcing heavy tariffs on most countries earlier this month. However, Chinese Foreign Ministry spokesperson Guo Jiakun affirmed on CNBC that 'China and the U.S. are not engaged in any consultations or negotiations regarding tariffs.'
The U.S. has temporarily delayed the implementation of Trump's 'reciprocal' tariffs for 90 days, but investors are concerned that rising input costs could impact the economy before the tariffs take effect. This week's economic data will provide clearer insights into the impact of tariffs.
Upcoming Economic Data: Impact on Crypto
Important reports on the labor market and inflation will be released:
Tuesday (April 29): The U.S. Bureau of Labor Statistics is expected to release a decrease in job openings (JOLTS) for March, according to Trading Economics.
Wednesday (April 30): The PCE price index – a measure of inflation from the U.S. Bureau of Economic Analysis – is forecasted to rise by 0.4% month-over-month.
A report from Wintermute suggests that if data shows Trump's tariffs do not significantly increase inflation or substantially slow the economy, the crypto market could become lively again. Analysts state: 'With Trump hinting at de-escalating tariffs, if economic indicators show inflation is controlled and there is no strong recession, the market could be ready for new activity.'
Financial Market and Bitcoin Trends
On Wall Street, major indices edged up: S&P 500 rose 0.2%, Nasdaq increased 0.05%, according to Yahoo Finance. Gold – a traditional safe-haven asset – rose 1.8% to $3,350/ounce but remains below last week's peak. Greg Magadini from Amberdata noted that Bitcoin shows signs of decoupling from risk assets like U.S. stocks, but in the short term may still be volatile alongside equities if trade progresses. In the long term, he expects Bitcoin to be seen as 'digital gold,' rising in value amidst instability and becoming a hedge against the USD.
Impact on the Crypto Market
The current situation presents many positive signals:
Stable Growth: Bitcoin remains around $94,800, with inflows into funds reaching $3.4 billion last week, indicating strong interest from investors.
Altcoin Support: While Ethereum and Solana are slightly down, initiatives like increasing Ethereum's gas limit and CME Group's Solana futures could drive long-term growth.
Optimistic Sentiment: If trade negotiations progress and economic data is positive, Bitcoin could reach $120,000 this quarter, according to Standard Chartered's forecast.
Conclusion: Is Bitcoin Ready to Accelerate?
Bitcoin hovers around $94,800 as investors await employment data, inflation, and Trump's trade negotiation progress. If economic indicators suggest stable inflation and the economy is not in a strong recession, the crypto market could explode, especially as Bitcoin is being viewed as 'digital gold.' Investors should closely monitor events this week to seize opportunities.
Risk Warning: Crypto investment carries high risks due to price volatility and legal uncertainties. Consider carefully before participating.